ImClone gets $250 million from Bristol-Myers

TedGriffith

BOSTON (CBS.MW) -- ImClone Systems
IMCL, +6.11%
on Friday said it received a $250 million payment from Bristol-Myers Squibb
BMY, -0.27%
Under terms of a licensing agreement, ImClone was entitled to receive the money following U.S. approval for the Erbitux anti-cancer drug. Erbitux won U.S. approval on Feb. 12 as a treatment for colon cancer. ImClone shares tacked on 95 cents, or 2.1 percent, to $46.24. Bristol-Myers shares edged up 18 cents to $25.76.

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